EquityPandit’s Outlook for HDFC Bank for the week  (Sep 18, 2017 – Sep 22, 2017) :

HDFC BANK:

 

 

HDFC Bank closed the week on positive note gaining around 3.40%.

As we have mentioned last week, that resistance for the stock lies in the zone of 1810 to 1820 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of around 1850 to 1860. During the week the stock manages to hit a high of 1852 and close the week around the levels of 1849.

Support for the stock lies in the zone of 1800 to 1810 from where the stock broke out of August-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of around 1770 to 1780 from where the stock broke out after consolidation.

The stock is in strong uptrend. Practically no resistance is visible. Resistance for the stock lies in the zone of 1850 to 1860. If the stock manages to close above these levels then the stock can move to the levels of 1890 to 1900.

Broad range for the stock in the coming week can be 1810 to 1820 on lower side & 1880 to 1890 on upper side.